This Wednesday, May 11, Apple lost its place as the most profitable company in the world. This title now goes to Saudi Aramco, the Saudi oil giant, which today weighs 2.4 trillion dollars. The Cupertino company, meanwhile, is now capitalized at 2,310 billion dollars on the stock market.
In recent years, Apple has beaten one by one all profitability records Of the history. After having exceeded 1,000 dollars in market capitalization during the year 2018, its valuation literally exploded in the following years until it crossed the 2,500 billion dollar mark in 2021, a first in the history of Wall Street. In fact, the Cupertino company has long been the most profitable company on the planet. Till today.
On May 11, 2022, Apple had to give up its throne in favor of Saudi Aramco. The Saudi Arabian National Company made a fortune by becoming the world’s leading oil company. However, since the onset of inflation that affects the entire planet, oil has become a luxury commodity. Thus, the price of Aramco, which went public in 2019, has increased by 25% since the beginning of the year.
Apple loses its title of most profitable company in the world
Thus, the Saudi firm now has a market capitalization of approximately 2400 billion dollars. During this time, Apple suffered the setback of the shortage of components which regained strength and, in fact, the reluctance of investors. This Wednesday, the action of the apple brand fell 5.2% on Wall Street, followed by another drop of 2.7% the next day. Today, Apple is no longer worth “only” 2310 billion dollars and is therefore relegated to the background.
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After having reached the symbolic milestone of 3000 billion in capitalization in January, the manufacturer has therefore lost 700 billion capitalization following the surge in prices in the tech sector and supply problems among its Chinese partners. For its part, Saudi Aramco and the other oil companies are benefiting from the rally in crude oil prices, while the price of gasoline continues to rise.